LONDON (ShareCast) - Shares in Rare Earth Minerals jumped on Wednesday after the group reported that the mineral resource for the Sonora Lithium Project in northern Mexico had been increased by 37% to a new total of 3.28m tonnes of Lithium Carbonate Equivalent (LCE) and has been upgraded from the inferred to indicated category.

Within the project, the La Ventana contains LCE of 1.27m tonnes, up 37%, while the El Sauz and Fleur contain 2.01m tonnes, an increase of 35%.

Chairman David Lenigas said: "This announcement of a significant increase and upgrade in resource is an important milestone in the development of the Sonora Lithium Project.

"These results combined with the previous announcements on the achievement of 99.5% battery grade product, the production of lithium carbonate samples for potential buyers and the commissioning of a scoping study for a 35,000 to 50,000 tonne per year lithium carbonate plant shows that the development of the Sonora Lithium Project is progressing well and has the potential to become a significant global lithium producer."

The shares had climbed 15.66% to 0.96p by 09:19.

NR

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